Crypto Market Fell Over the Weekend

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Crypto Market Fell Over the Weekend
09 May 2022
4 min read

News Synopsis

The crypto market fell over the weekend. Bitcoin, the world's largest cryptocurrency, fell to $34,656 on Sunday afternoon, down 3.9% from Friday night, according to CoinDesk prices. By early afternoon, Bitcoin was below $34,000, almost half of the record high of $67,802 set in November.

The second-largest cryptocurrency, Ethereum, is priced at around $2,565 as of Sunday afternoon, down 5.1% from Friday at 5 p.m. EDT. 

With extra expert traders buying and selling crypto, the marketplace has an increasing number of moves in tandem with traditional markets. Many institutional traders that purchase cryptocurrencies deal with them as threat assets, just like tech stocks. Investors have a tendency to retreat to more secure corners of the marketplace throughout turbulent bouts.

The stock market fell last week the day after the Federal Reserve announced a half-point rate increase, the biggest since 2000, to combat inflation. Federal Reserve Chair Jerome Powell said more hikes could take place in the summer. Central banks are also shrinking part of their $9 trillion asset portfolio.

Cryptocurrency companies have been working to become popular household names. Cryptographic platforms with abundant venture capital investment are spending more money on direct lobbying and marketing to consumers.

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